Private Mortgage Toronto
If you are looking to become a homeowner in Toronto, there are various mortgage options available. Unfortunately, many people do not qualify for a mortgage through traditional channels such as big banks or credit unions – and sometimes, even if you do, there may be reasons to explore other options.
One such option is to choose a private mortgage which simply means that instead of getting your home loan through a traditional mortgage lender, you are getting it through a private individual or company.
Why should you choose a Private Mortgage in Toronto?
There are many advantages to choosing a private mortgage in Toronto. As mentioned, it is often possible to get a private mortgage even when you don’t qualify for a more conventional mortgage. This makes private mortgages a popular choice with people who are self-employed, new to the country, and to those who have a less than perfect credit history.
Other reasons for choosing a private mortgage include:
- Fast approval
- Flexible terms
- More options for the type of home.
How to get the best rates for Private Mortgages
Although private mortgages typically have higher rates than traditional mortgages, that doesn’t mean you still can’t get a great rate. The way to get the best rate is to consult with your mortgage broker.
Mortgage brokers work with dozens of lenders including private lenders (some of whom you can’t even access without a broker). Your broker will shop around on your behalf to find the lender that is most appropriate for you and then they will help you negotiate a great rate.
How to get Private Mortgage even with bad credit?
One of the biggest advantages of getting a private mortgage is that you don’t have to have the best credit in order to qualify. Private lenders are more likely to look at the bigger picture such as the house value and your ability to pay – not just your credit score.
By working closely with your mortgage broker, you will be more likely to find a reputable private lender who is willing to offer you a mortgage even if you have bad credit.
Advantages of Using a Mortgage Broker for Private Mortgage
If you are considering getting a private mortgage, it is highly recommended that you work with a qualified mortgage broker in order to realize the following advantages:
- Determine if a private mortgage is really the best choice for you or if there are other, more suitable options.
- Help you find the best rates and terms on a private mortgage for your situation
- Help you avoid disreputable lenders.
- Assist you with paperwork and answer your questions.
Contact us today!
Are you interested in applying for a private mortgage or learning about your options? If so, give us a call today to speak with one of our brokers.